Phil Mickelson teed off about taxes
The golfer, one of the world's highest-paid athletes, said changes in tax laws could force him into drastic career changes. Tuesday, he backed away from the comments.
Phil Mickelson says he spoke too soon about taxes.
The Hall of Fame golfer, who has pocketed $66 million in career prize money, made news on Sunday when he announced that changes to federal and California state tax rates would prompt him to make some "drastic changes" to his career -- including a possible retirement from golf or moving out of state.
But Mickelson is now backing away from his earlier comments -- saying he shouldn’t have made his opinions on taxes and finances public.
Mickelson is ranked seventh on Forbes' 2012 list of the world’s highest-paid athletes, with $4.8 million in earnings and another $43 million in endorsements last year.
His concern stems partly from the tax increase California voters approved in November. Proposition 30 raised the marginal state income tax rate to 13.3% on incomes over $1 million. It is the first statewide tax increase there since 2004. The measure, according to KPCC Radio, also helps California "stave off nearly $6 billion in education cuts."
Sunday, the 42-year-old golfer said he was weighing his options.
''If you add up all the federal and you look at the disability and the unemployment and the Social Security and the state, my tax rate's 62, 63%,'' Mickelson said, according to Associated Press. ''So I've got to make some decisions on what I'm going to do.''
His estimates have been widely disputed. At the National Review Online, Patrick Brennan estimated that Mickelson would probably likely only end up paying a 50% top marginal rate.
Mickelson tried to tamp down reaction to his comments Tuesday, hinting that he will not abandon his career.
"I absolutely love what I do," he said in a statement. "I love and appreciate the game of golf and the people who surround it. I'm as motivated as I've ever been to work on my game, to compete and to win championships."
He is expected to address the issue in a news conference on Wednesday at Torrey Pines, in his native San Diego.
"Right now, I'm like many Americans who are trying to understand the new tax laws,” he said. "I've been learning a lot over the last few months and talking with people who are trying to help me make intelligent and informed decisions. I certainly don't have a definitive plan at this time, but like everyone else I want to make decisions that are best for my future and my family."
Last month, Mickelson said he was no longer involved in a group that had purchased baseball’s San Diego Padres.
The New York Times reports that, when asked whether the tax increase in his home state influenced his decision to step away from the Padres, Mickelson replied, "Yeah, absolutely.”
i do not care if you make 30,000 or 30,000,000. He was not complaining what he made it was that at minimum he has to give half of it in taxes!! Think about it 50% of everything you make goes to the government!
What he was complaining for was he thought with the new tax laws he would be paying over 60% think about this. for ever 1 dollar you make you get to keep .40 cents,
What should concern everybody is that this is money people like Phil will spend or invest. Mabey he wants to build another house, with people to cut the grass and do the landscaping. But now he will not do it so the house builders will not get work or the people doing the upkeep.
Mabey he wants a yacht, sombody will have to build it and the continous maintence hires workers, the captian and stewards. Boat yards and marinas all out of work just so the socalist can GET sombody to try to make themselves feel better. If you destroy the rich "to be fair" you are shooting yourself in the foot. And the rich will just make money out of the country.
I thought this was still a free country whereby we had the right to voice our opinion! My God, is that being taken away from us as well. I don't think he had anything to apologize for. When you work hard for your money, we should not have to give it to the government so they can waste it...bailouts, payoffs, etc.
I understand that his charitable contribtions are considerable but I dont know how much that is.
By the laws of the universe, NO ONE is entitled to ANYTHING they havent earned except by the choice of compassionate caring people, key word is choice. Once the government figured they could buy votes by displacing charity and community services, the insatiable run on the national treasure began. Runaway spending kept ratching up incrementally over the years until we have reached insolvency and politicians are trying to stall it by looting taxpayers to win reelections and keep doling out favors to their voting block. Anyone that thinks they are only after the high income earners is not paying attention, if you work and draw a paycheck they are after yours too although in more stealthy ways. There are not enough of the so called rich to make much of a difference if you took ALL their money
The current taxpayer pays approx $3000/yr just on interest o the natonal debt projected to be $10,000/yr in 10 years. According to a CBO report just released, this is unsustainable.
Didnt hear this referenced in the inaguration speech. Hmmmmmm.
Bless him for being truthful and practical. While he honed his golf skills over thousands and thousands of hours f practice, self discipline, frugality in the early years, the takers were roaming around listening to I pods, playing e games, laying on their --- and waiting for government programs to feed, clothe, and house them.
Once again, whether it is him or the other 2.8 million that have left CA since 2000, most toTexas, what gets lost in the tax discussion is WHAT THE GOVERNMENT DOES WITH THE MONEY. Most americans, including me, dont mind paying a proportinate share and fully appreciate the opportunities this country offers, but it is obvious the unchecked spending by politicians and their obvious intent to not reign it in is destroying the very revenue that funds entitlements and provides a safety net for the TRULY needy.
Sucking up all the tax revenue received, printing some more and borrowing 46 cents per additional $ spent to buy votes through government giveaways, green energy scams, training Chinese hookers to drink responsibly and THOUSANDS OF GIVEAWAYS to favored groups would cause TRILLIONAIRES to resent paying taxes.
If there is no accountibility for government to allocateOUR money responsibly, I dont see how anyone could criticize a taxpayer reluctant to give them more.
Wake up takers, your lifeline is being squandered on Chinese hookers, in Egypt, Libya, green energy, corporate welfare, etc etc.
If working together means allowing more government waste, resist to high heaven at ANY cost.
we used to be a country of people trying to do something. now we're a country of people trying to be someone, just sayin'...
The liberals won't be happy until you sign your paycheck and send it to IRS to enable more federal spending on their favorite programs to assist the 47%.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
More Market News
Consumers are very status conscious in Asia, Africa and other emerging-market areas. This is especially true in China.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'